Virtual Meeting Software Market: Post-COVID-19 Traction & Offerings
With nationwide government-imposed shutdowns and lockdowns amid the COVID-19 pandemic, the majority of the activities in workplaces and organizations were digitized. As a result, numerous businesses and companies began utilizing video conferencing methods such as virtual meeting software in order to keep up with the transformation, without ceasing communication.
According to Inkwood Research, the global virtual meeting software market is projected to grow with a CAGR of 12.62% over the forecast period of 2022 to 2030. Some of the key factors propelling the market’s growth include the surging adoption of technologies such as facial recognition, the increasing number of virtual meeting software providers, and the rising adoption among corporates, educational facilities, and government organizations.
Virtual Meeting Software Market | Key Takeaways
Post-Pandemic Trends: While consumers acquired significant levels of digital penetration across most sectors, the acceleration into digital channels has leveled off in Europe as well as the United States. Besides, consumers in some industries assert that they will use digital channels less often once the pandemic ends.
Work from Home Model & Increased Productivity: With the exploration of alternative ways to operate without human contact, the work from home model is gaining tremendous traction. In this regard, as per industry estimates, 1 in 4 Americans, or more than 26% of the national workforce, was expected to work remotely through 2021. Hence, increased productivity owing to the work from home culture has bolstered the demand for virtual meeting software.
Large Enterprises Significant to Global Market’s Growth: The segment is achieving improved balance by providing remote positions, thus contributing to the market’s revenue. Companies use virtual meetings to enable employees to work from any given location with internet connectivity. Some of the benefits include –
- Time and costs saving
- Reduced logistical issues
- Enhanced accessibility
- Inclusive for different locations
Growth Opportunities in the Education Sector: The COVID-19 pandemic led to schools shutting down globally, with more than 1.2 billion children out of classrooms. As a result, the realm of education has transitioned dramatically with the exponential rise in e-learning. According to our expert analysis, the education sector is set to be the fastest-growing end-user in the global virtual meeting software market.
Furthermore, the diverse option of distance learning in urban regions, the rising enrolment of students in rural areas, and online classes given the pandemic have completely revolutionized the education sector in India.
The availability of online courses, MOOCs, and direct connectivity of teachers through virtual meeting software has augmented the reach of learning and education, as well. However, factors such as technical difficulties and less face-to-face contact may hamper the adoption of virtual meeting software.
Strategic Player-Centric Analysis: Key Developments
Key players operating in the virtual meeting software market, such as Microsoft Corporation and Alphabet Inc, are also implementing multi-dimensional approaches to enhance their product portfolio and acquire a greater market share. Some of the major VMS offerings by leading companies include –
- Livestorm, United States: Livestorm’s Core focuses on leveraging WebSocket and WebRTC for real time interactions. Moreover, the video stream quality as well as the format, automatically adapts to the web browser of each user.
- Airmeet Inc, United States: Every event on the company’s platform, Airmeet, takes place in a virtual ‘ballroom.’ It can be customized in seating arrangements and appearance in order to deliver a detailed experience and highly relevant interactions among participants.
- Zoho Corporation, India: Zoho Webinar documents and analyzes webinar registrants, poll results, attendees, and Q&A using webinar reports. The platform also helps prevent registrants or spammers who have not fulfilled pre-requisites such as making a payment or taking a survey.
- Adobe Systems Inc, United States: Adobe Connect, the company’s virtual meeting software, conducts online prospect and partner meetings as effectively as in-person interactions. By means of creating virtual huddle rooms for real-time information exchange, the platform also enables frictionless access for external and internal participants without jeopardizing security.
How does the IT & telecom sector influence the global virtual meeting software market?
The IT & telecom sector is one of the oldest users of virtual meeting software. With the COVID-19 pandemic in effect since 2020, the sector shifted to remote working mode from the physical office model, thus increasing the use of virtual meeting software on a larger scale.
How does cloud computing differ from on-premise virtual meeting software?
While an organization hosts operations in-house in an on-premise environment, a third-party provider hosts it for an enterprise in a cloud environment. This distinction enables companies to make payments on an as-needed basis, depending on user requirements, overall usage, and the enterprise’s growth.
What is the difference between online meeting and virtual meeting?
While a virtual meeting is conducted on the internet barring a physical location, online meetings and conferences enables participants to engage in real-time discussions and chats. These also include breakout sessions and meeting rooms.